SALT LAKE CITY (KUTV) — The Federal Trade Commission warned about a scam tricking people into lowering their credit card interest rates.
Scammers are hoping consumers will pay them for shortcuts that don’t exist.
If you get an unexpected call from a company that offers to help you lower your credit card interest rates, tell them no, the FTC said.
Here’s how the scam works:
- Scammers offer a fee to help lower interest rates.
- Scammers use personal financial information to make you believe them.
- They rush you by saying lower rates are available for a limited time.
Keep in mind that it is illegal for any company to charge you up front for debt relief.
According to the FTC, it’s good to have a plan in place if you believe you are being scammed. The Commission provided this action plan to help you spot scams more easily and get real help if you need it.
If you want a lower interest rate, the FTC says to contact your credit card company directly and ask how to qualify for a lower interest rate.
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